Washington, D.C. (July 10, 2023)—Today, the Job Creators Network Foundation (JCNF) released its June edition of the Small Business IQ Poll of 400 small business employers. The Small Business Intelligence Quotient (SBIQ), an index tracking overall sentiment about the economy, increased by 0.8 points to 55.7—an uptick that is within the margin of error. The indicator is down roughly five points compared to June 2021.Small business owners held strong beliefs around recent decisions handed down by the Supreme Court. More than 70 percent of entrepreneurs opposed President Biden’s now shot down plan to forgive more than $400 billion in student loans—a financial burden that would have been carried by taxpayers. The plan was blocked by the high court at the end of June.On the economic front, inflation continues to dominate the worries of small business owners. For the second consecutive month, 53 percent of entrepreneurs cited rising prices as their top business concern—tied with the record high hit in May. And given economic conditions, roughly two-thirds of small employers have paused hiring and wage increases for workers.View more polling details and crosstabs here.Elaine Parker, President of the Job Creators Network Foundation, released the following statement:
“This latest round of polling includes good news and bad news. The good news is the Supreme Court recently dealt a blow to government overreach by striking down the White House’s student loan bailout—a decision that more than 70 percent of entrepreneurs agree with. The bad news is that small businesses continue to be sucker punched by an economic riptide that is forcing many employers to pause hiring and wage increases. Despite efforts by the White House to mislead the public and paint a rosy economic picture, small business owners aren’t being fooled.”
